DENVER, Feb. 20, 2020 /PRNewswire/ -- Northstar Commercial Partners announces the sale of its 40,169 SF medical office building located at 1755 S. Public Road in Lafayette, CO today for $12.8M to the County of Boulder.
"We are very pleased with the sale of this newly constructed asset to Boulder County," said Brian Watson, Founder & CEO of Northstar. "It is not only an excellent transaction for us here at Northstar, but provides a new and vital asset to the Boulder community as well."
The 1.96 acre property was purchased as vacant land in September 2017 for the ground-up development of the Class A spec medical office building. Upon acquisition, Northstar Commercial Partners immediately began working through the entitlement and design process, with construction commencing in October 2018, and it was completed in September 2019. Northstar decided to make this substantial investment after it completed the development of the 65,000 SF medical office building for Clinica Family Health adjacent to the new site in April of 2018.
"This sale is a textbook 'win-win' for all parties," said Larry Braud, Asset Manager at Northstar Commercial Partners. "Boulder County now establishes a location close to some of their partner human services providers like Clinica, and can provide services to their southeast residents closer to where they live."
Watson concluded, "Northstar's equity partners in this development not only enjoy a positive return on their financial investment, but also a non-monetary return in the form of being a part of a ground-up development that will be serving the community for many years."
Northstar would like to thank John Gustafson of Newmark Knight Frank for representing them in this sale, and Scot Smith and Wade Arnold of the Colorado Group for representing the buyer.
Northstar specializes in developing and owning commercial real estate assets throughout the United States, in order to help create jobs and opportunities in local communities. Since Watson founded the company in 2000,Northstar Commercial Partners has achieved a total aggregate acquisition of 14,381,547 SF in 140 assets. Of these properties, 37.1% are office, 37.2% are industrial/warehouse, 12.8% are data centers, 5.4% are retail, 4.0% are senior living, and 3.5% are development/land. These assets range in price from $1 Million to $224 Million in acquisition cost.
Northstar's current portfolio includes 42 assets totaling approximately 8 million square feet in 15 states and a potential market value of approximately $1.2 Billion.